EANS-News: Tantalus Rare Earths AG
Results from pitting programme (with
document)
27.07.2011 – 09:09
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Company Information/First results received from pitting programme Düsseldorf (euro adhoc) - Tantalus Rare Earths AG First results received from pitting programme (Tantalus Rare Earths AG, Düsseldorf, 27th July 2011) The Directors of Tantalus Rare Earths AG ("TRE"), the German company exploring an extensive, secondary rare earth mineralisation at surface and a primary, near surface bedrock rare earth mineralisation in north-western Madagascar (the "TRE Project"), are pleased to provide the first assay results from their pitting programme on Target 4, the Caldera Target. Target 4 is the inner part of the south-eastern Ampasibitika Intrusion. The caldera measures approximately 7 km in diameter and has a total surface area of some 31 km². It is underlain by alkaline igneous rocks intermixed with smaller portions of sediments into which they intruded. In April 2011 TRE commenced an extensive pitting programme on this target. To-date, 155 pits have been excavated down to maximum depths of 10 m, with another 11 pits currently in progress. The company initially plans a total of 365 pits on this target. An earlier reconnaissance soil geochemistry survey indicated the presence of widespread rare earth mineralisation accompanied by elevated grades of tantalum, niobium, zirconium and gallium. The first assay results received from Alschemex, Canada for all four of the pits confirm the presence of REE bearing argillaceous laterites ("clays") at depth. The pits reached final depths of 6 to 7 m and were stopped when a shallow groundwater horizon was encountered. Three out of the four pits were mineralised. In two pits, the TREO grades increase with depth. Deeper drilling will be required to determine the true thicknesses of the REE bearing clays and to investigate the possible bedrock mineralisation of these anomalous grades. Diamond drilling on this target, and others, is scheduled for the 2nd half of 2011. The maximum TREO grade encountered was 0.29%. The percentage of the more valuable heavy rare earth oxides averaged between 12 and 26% of TREO, with a maximum ratio of 35 %. Niobium, tantalum, tin, gallium and zirconium are also enriched and could constitute possible by-products at a later stage. Uranium and thorium levels are very low, reducing future environmental risks. Elsewhere on the property, exploration activities are being continued at an increased speed. On Target 1, the Ampasibitika Prospect, a total 13,140 m of diamond drilling has been completed to date. On Target 3, the Befitina Prospect, 55 pits have been completed and another 21 are in progress. Along the southern extension of Target 1, on Ampasibitika South (Target 5), pitting has commenced with 12 pits completed and 5 pits in progress. More geologists are currently being hired, and the pitting programme on Target 2, Ambaliha, is due to commence in late July. With the arrival of man portable drill rigs ("window samplers"), pitting will partly be replaced by this faster and less invasive sampling technique. TRE has appointed metallurgical consultants to carry out tests on the REE bearing clays. The aim of this test work is to identify as soon as possible a low-cost extraction process through leaching or combined magnetic/gravity separation. More than 1500 assay results from the ongoing diamond drilling programme on Target 1 and the pitting/window sampling programmes on Targets 3, 4 and 5 are expected to be with the company within the next few weeks. Commenting on these results, Wolfgang Hampel, Chief Geologist and COO of Tantalus Rare Earths AG said: "These results are a very important step forward in order to define a very high tonnage, low grade REE resource. They further confirm our assumption that in fact most of the 170 km² sized area underlain by alkaline intrusives could be covered by an almost continuous layer of REE bearing argillaceous laterites. Given the huge tonnage, the other target elements could also constitute valuable by-products. The thorium and uranium grades are so low, that we will face no environmental issues with these radioactive elements." At the current speed of exploration activities, the Directors of Tantalus expect to be able to publish their first NI 43-101 compliant resource estimates in early Q4 of this year. By the end of calendar 2011, we hope to be able to give a resource estimate for some 50 % of the total surface area overlain by REE bearing clays. The summary table showing the TREO, % of HREO, niobium oxide, tantalum oxide, tin, gallium, zirconium oxide, uranium oxide and thorium oxide from four pits on Target 4 is attached to this release as a PDF. Notes to Editors About Tantalus Rare Earths ("TRE") TRE is a German incorporated holding company whose subsidiaries are engaged in the exploration and development of rare earths. TRE's shares are quoted on the Open Market of the Frankfurt Stock Exchange. TRE's principal asset is an exploration project located in north-western Madagascar and comprises rare earth-tantalum-niobium-zirconium-hafnium enriched dykes and sills and Rare Earth Element ("REE") bearing argillaceous laterites derived from the weathering of underlying alkaline intrusives. There are early indications that most of the alkaline intrusive bodies within the concession are overlain by REE bearing argillaceous laterites. TRE is therefore considering the whole area underlain by alkaline intrusives (150 to 170 sq km) as prospective for secondary REE mineralisation in the weathering crust. The exploration programme aims to define the primary (vein/skarn hosted) and secondary (argillaceous laterites) mineralisation present on the concession towards a NI 43-101 compliant mineral resource estimate and support a detailed feasiblity study towards mine development and production. Tantalus Rare Earths AG Berliner Allee 12 40212 Düsseldorf Deutschland Telefon: +49 (0)211 52391 430 Telefax: +49 (0)211 52391 200 e-Mail: contact@tre-ag.com Internet: http://www.tre-ag.com/ Attachments with Announcement: ---------------------------------------------- http://resources.euroadhoc.com/us/s1wZiS1u http://resources.euroadhoc.com/us/X3YWoyFT Further inquiry note: Ivan Murphy, Executive Director c/o Blythe Weigh Communications Tel: +44 (0) 207 138 3204 Matthew Neal or Paul Weigh Blythe Weigh Communications Tel: +44 (0) 207 138 3204 end of announcement euro adhoc -------------------------------------------------------------------------------- Attachments with Announcement: ---------------------------------------------- http://resources.euroadhoc.com/us/s1wZiS1u http://resources.euroadhoc.com/us/X3YWoyFT company: Tantalus Rare Earths AG Berliner Allee 12 D-40212 Düsseldorf phone: +49 (0)211 52391 430 FAX: +49 (0)211 52391 200 mail: contact [at] tre-ag.com WWW: http://www.tre-ag.com sector: Holding companies ISIN: DE000A0SMSL4, DE000A1KRQE7 indexes: stockmarkets: free trade/entry standard: Frankfurt language: English